What is the price elasticity of demand

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Reference no: EM13802512

1. The production function is given as f(L, K) = L2 K . In the short run, K is fixed at 1. The price of L is $3 per unit and price of K is $5. In order to produce 100 units as a desired output, how much is the total cost?

2. What is the price elasticity of demand when market demand function is Qd=30-3P and the price is equal to 5?

Reference no: EM13802512

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